Saudi Arabia: Epoxide Resin Market 2024

Epoxide Resin Market Size in Saudi Arabia

In 2021, the Saudi epoxide resin market increased by 11% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption, however, continues to indicate a slight setback. Epoxide resin consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Epoxide Resin Production in Saudi Arabia

In value terms, epoxide resin production reduced markedly to $X in 2021 estimated in export price. In general, production recorded a deep reduction. The pace of growth was the most pronounced in 2020 when the production volume increased by 49% against the previous year. Epoxide resin production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Epoxide Resin Exports

Exports from Saudi Arabia

In 2021, exports of epoxide resins from Saudi Arabia dropped rapidly to X tons, which is down by -28.7% compared with the previous year. Over the period under review, exports recorded a abrupt slump. The growth pace was the most rapid in 2016 when exports increased by 66% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, epoxide resin exports expanded significantly to $X in 2021. Overall, exports saw a drastic downturn. The growth pace was the most rapid in 2014 when exports increased by 45% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for epoxide resin exports from Saudi Arabia, accounting for a 27% share of total exports. Moreover, epoxide resin exports to the United Arab Emirates exceeded the volume sent to the second major destination, Myanmar (X tons), twofold. The third position in this ranking was taken by Egypt (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates stood at -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+105.6% per year) and Egypt (+50.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for epoxide resins exports from Saudi Arabia, comprising 35% of total exports. The second position in the ranking was held by Egypt ($X), with a 7.7% share of total exports. It was followed by the Netherlands, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+47.9% per year) and the Netherlands (+56.5% per year).

Export Prices by Country

The average epoxide resin export price stood at $X per ton in 2021, picking up by 50% against the previous year. Overall, export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Epoxide Resin Imports

Imports into Saudi Arabia

In 2021, epoxide resin imports into Saudi Arabia surged to X tons, rising by 39% compared with the previous year's figure. Overall, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +90.4% against 2017 indices. The pace of growth was the most pronounced in 2019 with an increase of 71%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, epoxide resin imports soared to $X in 2021. In general, imports enjoyed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Taiwan (Chinese) (X tons), South Korea (X tons) and the United Arab Emirates (X tons) were the main suppliers of epoxide resin imports to Saudi Arabia, together comprising 47% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +25.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest epoxide resin suppliers to Saudi Arabia were Taiwan (Chinese) ($X), South Korea ($X) and the United States ($X), together comprising 51% of total imports. These countries were followed by Germany, Thailand, China, India, the United Arab Emirates, the Netherlands and Spain, which together accounted for a further 44%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +44.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average epoxide resin import price amounted to $X per ton, with an increase of 14% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 33%. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :